A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Benefits to being IC Vs. Employee? - NewAgain

Posted: Apr 01, 2014

I'm coming back to work after a 2-year hiatus and while I'm used to hourly QA work, it seems few and far between. If I am going to go back to being an MT, I can't see the benefit of being an IC worker. It seems thankless. Am I wrong? What are the benefits of working as an IC versus an employee?

I hated being an IC. I like someone else paying - my taxes. NM

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xx

It's personal preference, but the biggest drawback - Me

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You pay SE taxes and no benefits. I've been an IC for 15 years and have gone back and forth about the idea of going employee. I just can't get myself to make the move, especially from what I read on this board, it's really turned me off to the idea at this point. Nowadays it's bad enough to have to sit at your computer waiting for work wondering how you're going to pay the bills, but you have someone breathing down your neck at the same time.

Good point. nm - OP

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Nobody "pays your taxes" - Nick

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We all pay our own taxes. Employees have them held out, ICs pay them quarterly, but we all (sadly enough) do have to pay them for ourselves.

You're forgetting self employment tax, Nick - MTMT

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As an IC, you have self employment tax, I think it's around 7%, on top of what an employer would take out for you.

As for the rest, you are right... we pay the taxes, but the employer saves us the hassle by taking it out first.

Why MT? - MEtoo

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Why would you want to come back to being an MT? If you got paid well 2 years ago, those days are gone. Spend your precious years getting into something else. Even if money is not a factor, companies have found ways to make this job miserable. Most MTs are looking down the pipe at what they want to do next.

I prefer taxes being taken out. Never could afford the insurances plans - so taxes the only advantage for me. NM

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nm

NewAgain - Linda

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My CPA says there are more tax advantages if I am an IC. You perhaps should talk to your tax guy or gal and see what works best for your particular situation. Good luck!

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